By Peace Udugba
The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history.
The approval was conveyed in a letter addressed to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
Under the proposed offer, the refinery will issue 4.1 billion ordinary shares at ₦525 per share, which could raise approximately ₦2.15 trillion if fully subscribed.
The SEC has also registered the company’s existing 120.13 billion ordinary shares.
The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a major milestone in the IPO process.
The development is expected to provide investors with an opportunity to participate directly in one of Africa’s largest and most strategically important industrial projects, while further deepening Nigeria’s capital market.
World-Class Refinery
Located in Ibeju-Lekki, Lagos, the Dangote Petroleum Refinery and Petrochemicals Complex occupies approximately 2,635 hectares and houses an integrated refining and petrochemicals facility.
The refinery currently has a refining capacity of 700,000 barrels per day, making it the world’s largest single-train refinery. The complex also includes a polypropylene plant with a production capacity of 900,000 tonnes per annum and is powered by a dedicated 435-megawatt power plant.
At full production, the refinery is designed to meet a significant portion of Nigeria’s domestic demand for refined petroleum products while also supplying international markets.
The facility is undergoing further expansion that is expected to increase its refining capacity to 1.4 million barrels per day, which would position it as the world’s largest refinery.
Major Infrastructure
The refinery is supported by extensive infrastructure, including a dedicated marine facility designed to improve logistics and freight efficiency.
It also has what has been described as the world’s largest single order of five Single Point Moorings (SPMs), alongside advanced processing technology designed to comply with World Bank, United States Environmental Protection Agency (EPA), European emission standards and Nigerian regulatory requirements.
Its integrated port infrastructure features multiple quays capable of handling Panamax vessels, liquid cargo shipments and roll-on/roll-off operations.
The complex also has a vast storage network comprising 177 tanks with a combined capacity of approximately 4.742 billion litres.
With SEC approval secured, Dangote Petroleum Refinery is now positioned to advance toward its proposed public offering, potentially opening the ownership of one of Nigeria’s biggest industrial assets to a broader pool of investors.
If successfully completed, the IPO would represent a significant development for Nigeria’s capital market and could rank among the country’s largest-ever public offerings.
